Many economist and strategies on the sell side are bearish on Canada. Their reasoning mostly comes from the overvalued housing market, Canadian indebtedness, and the lack of Canadian energy infrastructure. Palos believes this argument has merits which have lead to negative sentiments on the TSX. These potential headwinds have the TSX is trading at a 2018 forward P/E of 15.16x and a 2019 forward P/E of 13.73x. This compares to S&P 500 that is trading at a 2018 P/E of 17.36x and a 2019 P/E of 15.74x. In our view, the negative sentiment has gone too far. Economists and strategists are ignoring Canada’s favourable positioning on the four great revolutions. Moreover, most Canadian companies that are listed on the TSX have grown their operations in the US and around the globe.